Zhi Tong Cai Jing·2025-12-10 01:52Core Viewpoint - Mingyin International has given a "Buy" rating for Bosideng (03998) with a target price of HKD 5.80, citing an attractive dividend yield and expected revenue growth for FY26 to FY28 [1] Group 1: Financial Performance - For FY26H1, Bosideng's revenue increased by 1.4% year-on-year to CNY 8.93 billion, while net profit rose by 5.3% to CNY 1.19 billion, indicating profit growth outpacing revenue [2] - The company's inventory decreased by 20% year-on-year, attributed to a slowdown in raw material procurement and proactive inventory reduction ahead of peak season [2] - The main brand's revenue for FY26H1 grew by 8% to CNY 5.72 billion, with wholesale and self-operated sales increasing by 8% and 7% respectively, and online revenue up by 2.4% [2] Group 2: Brand and Product Development - The main brand's product lineup emphasizes functional technology and fashion aesthetics, with strong growth in innovative series targeting outdoor, leisure, business, and fashion scenes [3] - Collaborations with top international designers have resulted in positive market feedback for high-end lines and innovative designs [3] - The main brand's net store count decreased by 67 due to refined operations, while another brand, Xuezhongfei, increased by 126 stores [3] Group 3: Market Outlook - The company maintains its full-year guidance for FY26, expecting revenue growth of 10% and profit growth to outpace revenue [3] - Sales performance in October and November showed double-digit year-on-year growth, with improved discounting compared to the previous year [3]